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bronn

ILP the next blockchain-generation

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The ability to safely transfer values in a decentralized network with unknown participants is just as ingenious as revolutionary. It is therefore hardly surprising that many companies are currently experimenting with the common block-based technology (distributed ledger technology) that seems to solve a paradox: it creates consensus and trust between actors. It is based on a peer-to-peer network, via which digital values are transferred. Depending on the type of blockchain, in addition to a currency unit, Also licenses or contracts (SmartContracts) are transferred. The participants in the network do not need to know each other, but an infrastructure is provided that ensures the reliable execution of transactions. The blockchain takes over the function of a trust layer, a trust layer for the Internet. Blockchains exist in different versions for different application scenarios. In banking, this is in particular identity management, contract management and payment transactions. The principle offers many advantages and creates a breeding ground for new business ideas and processes, because the participants in a blockchain network need neither know nor trust. Blockchains log transactions, such as transfers, transfer of software licenses, or closing a contract. They are based on a peer-to-peer network, which acts as a decentralized database. The transaction data is stored redundantly for all participants in the network. Thus, there is no single failure point. The advantage: Logged transactions are transparent and, in principle, accessible to everyone. Thus, each user of the network has a complete copy of all transactions performed. The basic paradigm shift is that money is no longer passed from a bank A to a bank B, but every user on the network changes the name of the owner of the currency.

DLT is what I want to hear more of! 

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